The partial month of operations in Danville yielded almost $10.2 million from 768 slot machines and $1.7 million from 25 table games, for a total of about $11.9 million, according to the report.
The casino generated just over $2.1 million in tax revenue, and one-third of that, or about $715,000, will go to the city.
About $17,000 will go to the Problem Gambling Treatment and Support Fund and $4,300 to the Children’s Trust Fund. The remaining $1.4 million will remain in the state’s Gaming Proceeds Fund, the report says.
Danville received an additional $300,000 for the month of May as part of the casino development agreement between the city and Caesars, which operates the casino, according to a news release from the city.
City Manager Ken Larking said that this revenue should be used according to the recommendations made by the Investing in Danville Committee, which was established before the city passed a casino referendum in November 2021.
The committee made recommendations on how to most wisely use the funds, Larking said in a statement.
“This includes improving education, helping to create new economic opportunities for our residents, economic development, helping to create new economic opportunities for residents, economic development, neighborhood improvements, quality of life amenities and financial stability,” he said. “These are the kinds of investments that will produce long-term sustainable benefits for our community.”
The city manager’s budget projects that Danville will receive $12.1 million in gaming taxes from Caesars Virginia in its next fiscal year.
About $4.1 million of that will come from a performance agreement with Caesars that guarantees a $5 million minimum payment per year as long as the casino operates, which was prorated for this year. The remaining $8 million is the projected state-collected local gaming tax revenue that is expected over the next year from the temporary casino. The permanent casino is expected to open late next year.
Mayor Alonzo Jones said that the casino’s success can be credited to Caesars’ strong customer loyalty program and its many customers within driving distance of Danville.
“Caesars has been a good partner for the city, and it is important for us to be good stewards,” Jones said in a statement.
Virginia brought in a total of about $45.5 million in casino revenue in May across the three up-and-running casinos in the state: the Bristol Casino, operated by Hard Rock; Rivers Casino Portsmouth; and the Danville Casino.
The Bristol Casino and Rivers Casino Portsmouth were both open for the full month and brought in almost $13 million and $20.6 million in revenues, respectively.